The twin peaks of the UK’s listed alternative investments landscape gave their pre-close updates on Thursday.
More of the same from Man Group, whose funds under management continue to climb ever skyward. The latest haul takes them to $75bn under management, up from $61.7bn at the end of March last year and $71.7bn at the turn of the year. Impressive stuff – helped by the performance of their notoriously volatile main fund, the AHL diversified futures fund, which has returned almost 23 per cent over the past 12 months.
Signs of nerves seem to have eased among the base of private investors – who still comprise about 58 per cent of Man’s assets. Private investors withdrew $1.2bn from Man’s funds over the fourth quarter, against total sales of $1.9bn, across open-ended sales and guaranteed products. That comes after a slight new outflow in the previous quarter.
Profit before tax is expected to come in ahead of consensus, and the group’s balance sheet is strong.
Man’s pre-close trading update
Man storms through $70bn – FT Alphaville
Over in the private equity camp, where 3i has made headlines this week after quitting VC investing, the tone is perhaps more in keeping with the stresses and strains being felt in financial markets and the global economy. While opportunities remain plentiful, the mid-market investor said, getting out of its existing investments is getting harder. Realizations fell to £1.6bn in the 11 months to the end of February, against £1.9bn in the equivalent period the year before.
Chief executive Philip Yea declared: “Our business as a whole continues to perform in line with our cross cycle return objectives. Although our portfolio companies are not immune to economic cycles, to date we have seen no material changes to their overall financial performance.”
3i pre-close briefing
3i quits early-stage investments – FT.com
3i in better shape for brave new world – FT.com